The Dorset Corporation produces and sells a single product; The following data refer to the yearjust completed: Beginning inventory 0 Units produced 25,200 Units sold 22,800 Selling price per unit $ 421 Selling and administrative expenses: Variable per unit $ 18 Fixed per year $ 501,600 Manufacturing costs: Direct materials cost per unit $ 237 Direct labor cost per unit $ 57 Variable manufacturing overhead cost per unit $ 35 Fixed manufacturing overhead per year $ 428,400 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing; cl. Reconcile the absorption costing and variable costing net operating income gures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Compute the unit product cost under both the absorption costing and variable costing approaches. Cost Per Unit Absorption costing Variable costing UnltS produced 5,1UU Units sold 22,800 Selling price per unit $ 421 Selling and administrative expenses: Variable per unit $ 18 Fixed per year $ 501,600 Manufacturing costs: Direct materials cost per unit $ 237 Direct labor cost per unit $ 57 Variable manufacturing overhead cost per unit $ 35 Fixed manufacturing overhead per year $ 428,400 Assume that direct labor is a variable cost. Required: at Compute the unit product cost under both the absorption costing and variable costing approaches; bl Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an income statement for the year using variable costing. Variable expenses: _ Variable cost of goods sold $ 7,501,200 Variable selling and administrative expenses 410,400 _